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What is your opinion of PenFed?
Old 06-20-2007, 06:44 AM   #1
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What is your opinion of PenFed?

I just did a little investigating and I found out that I can open an account there. Worth it? Can I manage everything online?

I already belong to a credit union so I am just trying to figure out if they are that much better. Thanks for the feedback.
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Old 06-20-2007, 07:31 AM   #2
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I opened an account when they had a special on cd's at 6.25%. They seem to run specials once a year. Also opened a checking account with them. So far so good.
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Old 06-20-2007, 07:38 AM   #3
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Thanks Dawg. So what are you doing all day?
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Old 06-20-2007, 07:42 AM   #4
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thumbs up!
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Old 06-20-2007, 07:48 AM   #5
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I have a CD there and got a car loan. They have given me good service thus far and even honored the low rate on the car loan after rates went up. Very strong financials, too.
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Old 06-20-2007, 08:13 AM   #6
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I have a CD with them and the service is very good and the check is always on time. No problems!
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Old 06-20-2007, 09:42 AM   #7
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So is the process pretty standard - open a checking/saving in order to buy CDs or apply for loans?
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Old 06-20-2007, 10:09 AM   #8
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They have a nice credit card also....5% on gas and 1.25% on everything else and rewards credited monthly....Penfed now give 5% on gas paid at pump as well as 1.25 on rest of purchases

I havent joined but have thought about it for the CD rates....
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Old 06-20-2007, 10:12 AM   #9
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Perfectly happy with them so far, although all i've done is put money into their cd's.

Should I try to take money out and find that they've run off to Tortuga with it, my opinion might change somewhat.
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Old 06-20-2007, 01:28 PM   #10
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I use the CD and the Visa card. (Didn't realize I was geting 5% back on gas -- thanks Maddy -- that and the Prius are keeping me from feeling too much pain at the pump these days, although wife keeps borrowing the Prius which is a drag and now wants here own, oops!)

Everything I've seen about PenFed is such a refreshing experience after having dealt with banks all my life. They are really very competent. Scary actually. Where do they find all these intelligent, knowledgable customer service people? How come none of the banks can find them? Is it all a big CIA front operation?
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Old 06-20-2007, 01:44 PM   #11
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Easy answer Bob...most of penfeds customers are heavily armed, including bombers and even nuclear weapons.

Not really the sort of people you're going to want to piss off by giving half assed service to.

Now I just wish Costco took visa...all i'm getting is a lousy 1% from that amex card.
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Old 06-20-2007, 01:44 PM   #12
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Quote:
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Thanks Dawg. So what are you doing all day?
Golf.....what else?8)
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Old 06-20-2007, 02:33 PM   #13
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Originally Posted by cute fuzzy bunny View Post

Now I just wish Costco took visa...all i'm getting is a lousy 1% from that amex card.
So true -- about the only thing that shows up on our Amex card anymore is the Costco charges. I looked into Amex's cashback card and it was nowhere close to the Penfed Visa.

My general feeling about Penfed is if you find the best rates, terms or fees on any financial service across the whole gamut of cards, banks etc. and Penfed's will be at that rate or better.

One caveat -- their best CD rates seem to be in January -- they do a sort of a 'fund the year' thing I gather, and their rates are best-in-class then, but the rest of the year they are merely great, but not necessarily best.
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Old 06-20-2007, 02:43 PM   #14
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PenFed's been great, search the board for that keyword in other laudatory threads. I regret dragging my feet over joining for a couple years.

In addition to high CD rates they have low minimums, which I appreciate for being able to buy multiple little CDs instead of one huge honker. If I have to break a CD for spending cash the penalty will be that much smaller. (In that regard I think that Penfed is eating NFCU's lunch.) Keeping the CDs under $10K also avoids some of their homeland-security reporting bureaucracy.

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Everything I've seen about PenFed is such a refreshing experience after having dealt with banks all my life. They are really very competent. Scary actually. Where do they find all these intelligent, knowledgable customer service people? How come none of the banks can find them? Is it all a big CIA front operation?
A banker would tell you that the slimy non-profit CUs are wasting all their shareholder's ill-gotten gains on hiring real employees and greasing the palms of professional lobbyists... it's almost as if they care more about their customers than about their compensation plans!
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Old 06-20-2007, 03:05 PM   #15
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Yeah, something along the lines of co-ops being able to do a better job than regular private companies because they don't have to pay dividends and profits to those pesky shareholders (I know there are some regulatory/tax breaks too) Funny thing though for all us capitalism-loving investors to consider-- three of this Board's favorite companies are, loosely speaking, co-ops: Vanguard, Costco and PenFed...
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Old 06-20-2007, 03:19 PM   #16
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I picked up a couple of CDs when they were at 6.25% and I recently got their 1.25%/5% credit card.

So far they've been great to deal with. Although I haven't tried to get my money back yet
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Old 06-20-2007, 03:26 PM   #17
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I picked up a couple of CDs when they were at 6.25% and I recently got their 1.25%/5% credit card.

So far they've been great to deal with. Although I haven't tried to get my money back yet
where do you get the 6.25% CDs?
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Old 06-20-2007, 03:27 PM   #18
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Pen Fed had them in Jan. of this year.
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Old 06-20-2007, 03:29 PM   #19
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Pen Fed had them in Jan. of this year.
Anyone have good 6+ rates at the moment?
or better yet, where does one look to find out....
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Old 06-20-2007, 03:56 PM   #20
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Look under the 'cd' thread.

Looks like 5.5-5.7's as good as is available right now.

Also Institution Rates For 1-year CD rates in Los Angeles, CA
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